Petromin Corporation

The Petromin Corporation was a state owned Saudi Arabian corporation specializing in lubricant oils including manufactural, industrial, and automotive oils and lubricants. It was established to be the statist oil development of Saudi Arabia because at that time Aramco was 100% american owned. Under the responsibility of Dr. Abdulhadi H. Taher, Petromin became an industrial behemoth with tens of thousands of employees. It was responsible for all oil exploration, refining, and distribution of all petroleum and mineral resources in the kingdom that were not in the domain of then US-controlled oil concessionaire Aramco. After the Kingdom purchased Aramco from the americans, Petromin and most of its industrial developments were infused into it. The current , remaining portion of Petromin was a joint venture between Mobil (29% stake) and Aramco (71% stake), until it was purchased by the Dabbagh Hinduja alliance for 200 million USD in 2007. In 2013, The Dabbagh group purchased the Hinduja stake based on a total valuation of more than 700 million USD. The Dabbagh group is now hoping to IPO 19% of the company by the end of 2015.

History

The company was established by a royal decree on 22 November 1962^[1] by a joint venture between Saudi Aramco and Mobil investments and started production at its first blending plant in Jeddah.^[2][3] The first director general of the company is Abdulhadi Taher.^[1]

Activities

Its Jeddah plant is now one of the biggest oil and mobilization plants in the middle east and Petromin Corporation is the largest maker of lubricants in Saudi Arabia, with a present production capacity of 300,000 metric tons.^[4] The company currently distributes its products to over 35 countries across the world.^[5][6]

References